Realtor.com confusion….
FSBO.com just wanted to clear up any confusion that there may be about a recent press release from yesterday claiming YOU can list a property on Realtor.com without an agent. One of the most popular questions www.FSBO.com receives is “Can I list my property on Realtor.com without using an agent and listing in the MLS?”. The answer has always been, and still is “NO”!
There is absolutely no way to list your property on Realtor.com without first having it listed in the MLS. There is absolutely no way to list your property in the MLS without using a licensed Realtor. The only thing you can control is the actual amount that you pay to have your property listed on the MLS and Realtor.com.
FSBO.com and similar companies have services that allow you to do this for a flat fee as opposed to a commission. Any company claiming to be the only, or first to offer this type of service has been mistaken.
Tags: Flat Fee MLS, For Sale By Owner, FSBO, FSBO.com, MLS, Real Estate, Realtor.com
November 17th, 2008 at 1:26 pm
[...] then, ForSalebyOwner.com’s blog retracted the release here, saying that no, you can’t list on Realtor.com without listing in the local MLS. [...]
November 25th, 2008 at 8:18 am
Realtor.com is a platform developed for the exclusive use by agents and brokers, who are affiliated with National Association of Realtors. It is not a stand alone website, like FSBO.com, or forsalebyowner.com, where you can just pay a posting fee and submit your house for sale on your own.
December 4th, 2008 at 4:29 pm
In reading this thread, I find that the term “Licensed REALTOR” is used. I am real picky about this one in drawing the distinction between licenses, which are issued by states to sell or broker real estate and membership in the trade association which bestows the title REALTOR or REALTOR-Associate. This title has been successfully defended as a trademarked term and it is a tough job to keep it from being abused and stolen by individuals that are not bound by the RERALTOR Code of Ethics.
While REALTORS are licensed (they can be licensed as appraisers as well as salespeople and brokers) licensees are NOT always REALTORS. Remember there is a difference. (I also apologize that I couldn’t insert the little registered R symbol on this BLOG as required.)
December 7th, 2008 at 11:31 am
Nice post. Thank you for the info. Keep it up.
December 22nd, 2008 at 11:11 pm
I challenge the ethics of any REALTOR who would list a property FSBO without compensation to the selling broker. To do this, they have to cheat their MLS.
REALTORS, don’t get involved with this practice! Your license and livelihood is at stake!
December 30th, 2008 at 11:25 am
I challenge the method of how realtors get paid. Why should a home owner who is selling their home have to pay the commissions of the buyers’ agent. If you as a buyer do not want to find and negotiate a home purchase on your own, it is your financial responsibility to pay for the agent YOU hire to find you a home! It should not be the seller who has to compensate the buyers’ agents work. I am not sure why the sellers have gotten stiffed with most of the expenses of selling their asset. Someone please explain this to me!
January 2nd, 2009 at 1:33 pm
In response to Brad Verosky,
A seller seeks the professional help and hires an Agent to fully represent them from ’start to finish’ and in “every aspect” of the Real Estate Transaction including but not limited to advertising in many various outlets which will hopefully bring them a buyer- sometimes they can– but sometimes another agent (” Buyer’s agent”) brings a client having used the MLS or other advertising means that the ” Listing Agent” has utilized. The Buyer’s agent still has done her work on her end, searching for homes/properties, making all the calls for appts,etc. so therefore it brings a sucessful transaction.
Just some more knowledge : not just the Selling Agent & the Buying Agent but both of their Brokers *split that commission 4 ways & then minus MLS,Realtor.com Fees, & many other advertising & expenses get deducted as well. (* IN NJ)
Helen M.Cocuzza~ Realtor Associate,
Professional Staging
Relocation Council
The Mary Holder Agency
Brick, NJ 08724
(732)262-4400 Office
(732)232-1614 Cell
January 6th, 2009 at 6:46 pm
In response to Brad Verosky, in reality you pay the listing agent who represents your interest and spends his/her dollars and time marketing your property all free to you if your property does not sell. Ouch! The most valued party in the sale is the buyer, without him/her no one gets paid. The seller does not pay his/her agreed fee when a buyer is found. Instead the fee is paid from the buyers funds at closing. It is then split between the sellers agent and the buyers agent. Since the seller already agreed to pay X amount to the listing company to find him/her a buyer, what’s the problem? The seller isn’t paying one cent more than originally agreed. It’s all in the way you look at it.
Tom Marcinko, Broker
Akron, OH
January 13th, 2009 at 10:29 pm
And that, Brad, is why they call them salespeople! They just sold you a load! No disrespect intended but I totally agree with Brad questioning the seller having to pay for the entire commission, which is why I prefer to use sites such as FSBO and such when selling property. At least then I can cut the commission. I have sold three properties FSBO, and never paid more than a 2.5% commission. When I buy, I use a licensed real estate agent, because it doesn’t cost me anything. Real estate agents need to realize that in this day and age with inflated prices, and more so in the past several years, since prices are declining now, that selling a $250k property and selling a $750k property require the same amount of work, advertising, fixed costs, etc. Why should I pay 6% of a sales price??? That’s crazy. I think real estate agents are pricing themselves out of the market, especially when most studies show that people go to the internet first when making the purchase of a new home.
January 18th, 2009 at 2:36 pm
Don’t be afraid to ask a realtor for an “open listing”. This means they only get a commission if they themselves find the buyer. And negotiate the commission you want to pay out.
Realtors who can actually find buyer will accept a lower commission, because they know it will be quick money for them. They are the ones who can actually sell a house fast.
- Sherry -
Reliance Home Solutions
January 21st, 2009 at 9:05 pm
As a licensed real estate agent I often see people who have the mistaken belief that all the real estate agent does is advertise their home and collect a big fat paycheck at the closing. With home inventory up and sales down, we are working harder than ever to get our listings sold at the highest price we can for our sellers with the least amount of hassle to them.
I, personally, have had listings where I was present at every showing, watched over vacant homes checking in several times a week, arranged repairs done by contractors with whom I get good prices due to my long-standing relationship with them, and hosted Open Houses in vacant homes sitting in a folding camp-type chair between visitors. I attend the home inspections and appraisals, often providing market information for the appraisers to asist them in the property evaluation.
I also put myself at risk on a fairly regular basis showing homes to people who wish to see them while knowing very little about the person/people I am walking into a vacant home with. When gas prices went through the roof I still logged thousands of miles showing homes in all kinds of weather (I work in the Northeast) to prospective buyers with no guarantee they would buy anything.
Once we have a home under contract the next difficult phase is the home inspection which is yet another round of often difficult negotiations. So much can happen between having a signed offer and getting to the closing table and it is our job to keep the deal together for our buying and selling clients.
I frequently work seven days a week, week after week, missing family dinners, social gatherings, etc. Real estate is not a part-time job. We have to think about it constantly with the deadlines, paperwork, client feedback and requests, negotiations, emails, voice mails, texting, faxing, advising, etc. and we make ourselves even more accessible than ever with those Blackberries that never leave our sides. Twelve hour days are not uncommon.
So, the next time you hear that we aren’t worth what we’re being paid please think about the whole picture of what a Realtor does to earn his/her salary. Anyone who works on commission has to work long and hard for those paychecks, believe me.
January 24th, 2009 at 8:50 pm
what if any fee does a seller pay in a fsbo transaction?
February 8th, 2009 at 3:06 pm
Funny how many realtors are on FSBO…just to defend themselves?
I sold my previous house on FSBO and in the papers 9 years ago for 10,000 more than the agent thought it should be listed at AND SOLD IT IN 5 DAYS. There were 6 other houses in the neighborhood. It cost me approx. 1500.00 to pay my lawyer to do the paperwork and it is not that difficult. It doesn’t matter when you are selling your house if a realtor is there for the appraisal/inspection because the inspectors don’t give any info to the seller so that real estate agent doesn’t need to be there. You get a statement of what they need you to put in for the sale to go through, such as GFI switches in the kitchen/bathroom, etc.
It is not brain surgery and a real estate agent works when the clients are available typically on the weekends and evenings which is why the previous agent says she works 7 days a week. Justifying coming in with a buyer, showing a house and getting 6,000 off a seller of a 165,000 house is an excellent pay check. Most of my friends in real estate are driving beautiful imports and making a great living, and get a couple of wonderful vacations a year, enough of the whining. Off to mls with you.. Perhaps a factory job where you make 5000.00 in 2 months of back breaking labor.
Sorry everyone else looking for real info but that previous post was so non informational for selling your own house I couldn’t believe it. After all it is For Sale By Owner, not Justification By Realtor.